Indian Oil Corp. Shares Fall After Trading Ex-Dividend

Shares of Indian Oil Corp. declined on Friday after turning ex-dividend. The company will pay a dividend of Rs 7 per share for the previous financial year, and the record date has been fixed at July 12, according to an exchange filing. This is the highest-ever final dividend paid to shareholders by the company, according to Bloomberg data.

Shareholders who buy the stock at least one day before the ex-date are eligible for dividends as settlement happens the next day. Those buying the stock on the ex-date are not eligible for dividends.

Shares of Indian Oil Corp fell as much as 4.06% during the day to Rs 167.35 apiece on the NSE. It was trading 3.26% higher at Rs 168.7 apiece, compared to a 0.24% advance in the benchmark Nifty 50 as of 10:27 a.m.

The stock has risen 72% in the last 12 months. The relative strength index was at 50.

Thirteen out of the 32 analysts tracking the company have a 'buy' rating on the stock, six recommend a 'hold' and 13 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.5%.